855-432-9922

Errors and Omissions Insurance in Houston TX & Sugar Land TX

Errors and omissions refer to mistakes, negligence, or discrepancies in a business’s accounting records, which can possibly be interpreted as fraud and lead to legal action. Business owners and executives have several legal and financial responsibilities that accompany their roles, and if they fail to fulfill these responsibilities by inaccurately reporting income, errors and omissions insurance will reimburse a business for problems arising from these fiduciary oversights.

As a business owner, you know how important it is to live up to your promises. Consumer trust is a key part of earning repeat business, which in turn helps to create a stronger, healthier, and more profitable company.

Errors and omissions claims have been trending higher in recent years, with multiple‑million dollar lawsuits being filed more frequently than ever before. Accordingly, most businesses need to have appropriate coverage amounts to be sure they're protected if a large claim is filed.

What E&O Insurance Covers

Policies can vary, but most forms of errors and omissions insurance cover the following. Note that some industries don't need all of the coverage mentioned below, while others may need additional coverage because of the nature of their operations. Allied Insurance and Financial Services agents will help you determine which coverages are best for you.

  • Claims and Damages: These are one of the major sources of potential loss that your company faces. E&O protection on claims can reimburse you for any payouts you may have to make as a result of such claims being filed.
  • Defense Costs: Whether or not you win a case, your attorney is going to expect payment. E&O insurance can reimburse you for their fees, allowing you to hire professional support without worrying that it will be too expensive for you to afford.
  • Employees, Temporary Staff, and Independent Contractors: You may be liable for the actions that anyone associated with your business takes—whether or not they're an employee. This part of the policy protects you if they make a mistake.
  • Negligence: Often considered one of the most important parts of E&O coverage, negligence coverage can reimburse you for problems like making a mistake while giving advice or failing to complete a job. Whatever the cause of the problem, ensuring you're covered will help protect your business if something goes wrong.

Errors and omissions policies payouts vary among companies depending on the possible severity of financial mishaps. If you're not sure how much of a cap your business should have in each category, call one of Allied Insurance and Financial Services agents today and ask them for more information. You may need to increase your policy cap as your business grows, and we can help you decide when it's time to raise the limit.

 

1. Oxford Reference, s.v. “errors and omissions,” www.oxfordreference.com/view/10.1093/oi/authority.20110803095756997?rskey=tDNztO&result=1

2. "Why Consumer Trust Is the Key to Repeat Business." The Wise Marketer. January 2005. Accessed April 18, 2016. http://www.thewisemarketer.com/features/read.asp?id=54.

3. "Claims Trends." Insurance Journal News. November 03, 2014. Accessed April 18, 2016. http://www.insurancejournal.com/magazines/features/2014/11/03/345153.htm.

Allied Insurance and Financial Services

9301 Southwest FWY, STE 250

Houston, TX 77074

Main office: 281-201-0501
Toll free: 855-432-9922
Fax: 713-432-9944

Office Hours:

Mon: 9:00 AM - 6:00 PM
Tues: 9:00 AM - 6:00 PM
Wed: 9:00 AM - 6:00 PM
Thurs: 9:00 AM - 6:00 PM
Fri: 9:00 AM - 6:00 PM
Sat: By Appointment
Sun: Closed

Our Providers

Testimonials

The staff at Allied Insurance & Financial Services has been nothing but helpful and responsive. They come back with the best rates and prompt services that meet all my needs. I would recommend them to anyone in need of their services.
Ron B., CRI Center Resources Inc., Sugar Land, TX
We have always received prompt, courteous and competitive service from Allied Insurance & Financial Services and we would highly recommend this company to whomever has needs for business related insurance.
Rick R., Texcrete Paving, Desoto, TX
Thank goodness I found Allied Insurance 4 years ago. I have been using them for my commercial autos and general liability insurance. They have been very professional, efficient and reliable. I would definitely recommend Allied Insurance to all my family, friends and anyone who needs insurance coverage.
Veronica R., Express Pool Plastering & Repairs, Houston, TX
I would describe my experiences dealing with Allied for insurance needs as better than satisfactory. In the contracting business, we are sometimes working 8 days a week and it's nice to be able to make one-call or email and have our insurance needs covered, and questions answered. Responsive, knowledgeable, and professional.
Bob H., Top Gun Deck, Houston, TX
Thank you Sam, for your all your help and business, Union Painting has no complaints whatsoever as you have helped us in every need and have accomplished everything we have asked for and will continue to use you as our provider.
Edgar F., Rosharon, TX